Like a flying eagle let me first of all greet readers and bloggers a fine day after a long gap of silence. Hope all are in the best of health and enjoying your life.
Wherever we go and whatever we do is a new learning experience
for all of us. When I say ‘new learning experience’ it means we learn entirely new
office systems and functions, new methods of getting the job done, new job responsibilities,
new group of colleagues and new leadership who all work together as a family for
the common cause of the new company.
|My last painting|
The new family that I have joined is State Trading Corporation of Bhutan Ltd (STCBL) and I am now a week old today since I joined the company on Tuesday the 24th March, 2015. Coincidentally this company is as old as Bank of Bhutan Ltd (BOBL) as both were established in the same year in 1968.
A banker that was with BOBL for the last 24 years has now become an internal auditor for STCBL.
|Role of Internal Audit|
My first one week of experience in STCBL has indeed been both enriching and encouraging. ‘Enriching’ in the sense that I gained lots of new knowledge and new experience about the way the company is functioning and being managed. It has also been ‘encouraging’ in the sense that office set up is well equipped with new tables, chairs and furniture giving a modern outlook as well as inspiring place to work; majority of employees including the management team are young, dynamic and master holders with rich experience in modern business management; and all employees are cooperative, willing to help each other, sharing their knowledge and experience, and working in good team spirit.
I always love to meet new people and build personal as well as official relationship with them in order to socialize ourselves. I am fortunate that STCBL has provided me with an opportunity to meet with its employees who would always be my friends and colleagues even after I leave the company. For sure I would not have known all its employees had the company not given me the opportunity to serve for which I must thank all the board, management and employees of STCBL.
For those readers who may not be aware of the underlying revenue sources between a bank and a trading company, in contrast to ‘Sales’ being the main revenue source for a trader, the ‘Interest on Loans’ form the major source of revenue for banks.
Similarly on the expenses side, the ‘Cost of Goods Sold (COGS)’ is the major component of expenses for a trading company whereas the ‘Interest on Deposits’ constitute the major expenses for a bank. But the overall objectivity of the bottom line – maximization of profit - remains the same with all business entities be it traders, bankers, retailers etc.
Coming to my assignment in STCBL, my role as an internal auditor is a very challenging one. Unlike the divisions which have to concentrate only on their own roles and responsibilities, I as an auditor have to understand not only the overall policies of the company and other relevant laws and acts of the country but I also have to master and gain a much deeper knowledge of all systems and procedures, roles and functions of all the divisions of the company before I give any kind of opinion and recommendations to the company. The dual role that auditors have to function in reporting to both Audit Committee and Management is itself challenging. One has to be very tactful in our approach in meeting expectations of both the authority.
Notwithstanding whatever difficulties and situations come my way, I am determined to work hard and execute my roles and responsibilities professionally with due care and integrity to the best of my ability and experience with emphasis on 3 broad areas of auditing function relating to Internal Control, Risk Management and Governance of the company.
With my joining in STCBL, I now have to devote my entire time and energy for the company. As such I would have very little time at my disposal to concentrate and continue with my passion in painting. Nevertheless I cannot sacrifice or give up my passion completely. If we have the passion there is always a way to adjust ourselves. I can always utilize the weekend and govt. holidays for painting if I wish.